Best Buy Expands Empire with Musicland, Magnolia Buyouts
The economy may be slowing down in some parts of the country, but not, apparently, in Minneapolis, where national electronics retailer <A HREF="http://www.bestbuy.com/">Best Buy Co</A>., Inc. announced December 7 its acquisition of both <A HREF="http://www.musicland.com/">Musicland Stores Corporation</A> (also of Minneapolis) and Seattle-based <A HREF="http://www.magnoliahifi.com/">Magnolia Hi-Fi, Inc</A>. The buyouts will give Best Buy increased exposure in rural malls and in the Pacific Northwest. The company also announced a plan to open several stores in Canada over the next three years, beginning with eight locations for which leases have already been signed.